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Chapter 4 Assignment
Maria is a divorce attorney who practices law in San Francisco. She wants to join the American Divorce Lawyers Association (ADLA), a professional
organization for divorce attorneys. The membership dues for the ADLA are $500 per year and must be paid at the beginning of each year. For
instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADLA also
has an option for members to buy a lifetime membership today for $4,500 and never have to pay annual membership dues.
Obviously, the lifetime membership isn't a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it
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Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of
the transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No
Entry" for the account titles and enter O for the amounts.)
connect
Owner invested $66,500 in exchange for common stock of the corporation.
Hired an employee to be paid $500 per week, starting tomorrow.
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Suppose you found a CD that pays 4.9% interest compounded monthly for 6 years.
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Rafael and Lucy, married taxpayers, each contribute $4,300 to their respective § 401(k) plans offered through their employers. The AGI
reported on the couple's joint return is $48,000. Determine their credit for retirement plan contributions (the Saver's Credit).
Click here to access the "Saver's" Credit Rate and AGI Thresholds Table.
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Concord Industries has equivalent units of 7100 for materials and for conversion costs. Total manufacturing costs are $124370. Total
materials costs are $91000. How much is the conversion cost per unit?
O $17.52.
O $4.70.
$12.82.
O $30.33
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15. Determining the Cost of Insurance. Suppose you are 45 and have a $50,000 face
E LC
amount, 15-year, limited-payment, participating policy (dividends will be used to
build up the cash value of the policy). Your annual premium is $1,000. The cash
value of the policy is expected to be $12.000 in 15 years. Using time value of
money and assuming you could invest your money elsewlhere for a 7 percent
annual yield, calculate the net cost of insurance.
30 ond hove n $25 000 face
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4. Jeff, age 50, is thinking of purchasing a S100,000 permanent life insurance policy to fund a gift to his
local hospital. He was recently treated there after an automobile accident. He does not expect the policy to
be surrendered for a number of years and is concerned that inflation might erode the value of his gift.
Which of the following products would best suit Jeff's needs?
(A) A whole life participating policy with dividends used to reduce the annual premium.
(B) A term to 100 life insurance policy.
(C) A whole life participating policy with a paid-up additions dividend option.
(D) A whole life non-participating policy.
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joint income tax return with Dena. Dena had $0 gross income. Their earned income credit for the year is:
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Labor Variances.
Verde Company produces wheels for bicycles. During the year, 656,000 wheels were produced. The actual labor used was 364,000 hours at $9.20 per hour. Verde
has the following labor standards: 1) $10.40 per hour; 2) 0.48 hour per wheel.
Required:
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2. Compute the labor efficiency variance.
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Table of Contents > Week 9: Operational and legal Considerations > Lecture Notes > 09 Operational and Legal Considerations
09 Operational and Legal Considerations -
>
Calculating Capacity
• How many machines do you need?
• You expect your sales to be
3,000,000 granola bars (20g each)
• How large is your plant?
per month
• How many workers do you need?
The machine:
• How much is the investment?
Capacity: 100 kgs per hour
• What are the operating costs?
Requires 2 people to operate it
Takes 8 ft x 40 ft space
• Cost per machine $15,000
Energy and maintenance: $5 per hour
• Cost of material and packaging:
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Blondell Legal Services, Limited Liability Company, uses the step-down method to allocate service department costs to operating departments. The firm has two
service departments, Personnel and Information Technology (IT), and two operating departments, Family Law and Corporate Law. Data concerning those
departments follow:
Service Department
Operating Department
Information
:06
Family Law
$ 357,020
Corporate Law
$ 360, 340
Personnel
Technology
Departmental costs
Employees
$ 42,210
12
$ 44,782
25
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Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below.
Indicate the missing amount for each letter. Assume that in alltases manufacturing overhead is applied on the basis of direct labor
cost and the rate is the same. (Round overhead rate to 2 decimal places, eg. 15.25 and final answers to 0 decimal places, eg. 5,275.)
Case A
Case B
Direct materials used
2$
(a)
$86,500
Direct labor
56,000
142,700
Manufacturing overhead applied
42,000
(d)
Total manufacturing costs
149,750
(e)
Work in process 1/1/20
(b)
25,200
Total cost of work in process
207,500
(f)
Work in process 12/31/20
(c)
13,800
Cost of goods manufactured…
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